## Finland: Staff Report for the 2002 Article IV Consultation

_IMF Staff Country Reports, August 15, 2002_

## Source details

**Canonical URL:** [Finland: Staff Report for the 2002 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/30/finland-staff-report-for-the-2002-article-iv-consultation-16033)

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## Bibliographic details
- Published: August 15, 2002
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451813173.002

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### Executive summary
- Economic growth in Finland slowed sharply in 2001 in the face of a deteriorating external environment.
- Growth is expected to pick up significantly by 2003 after staying somewhat lackluster in 2002.
- The abrupt contraction of the information and communications technologies market, as well as a decline in traditional exports, contributed to a significant decline in both export volume growth and real growth overall in 2001.
- The main challenges for economic policy are interrelated: addressing high unemployment and managing the impact of a rapidly aging population.

### Key findings and drivers
- Export performance:
  - Abrupt contraction in the information and communications technologies market reduced export volume growth in 2001.
  - A decline in traditional exports further contributed to the export slowdown in 2001.
- Real economy:
  - Significant decline in real growth overall in 2001.
  - Growth expected to remain somewhat lackluster in 2002, with a significant pickup anticipated by 2003.
- Structural challenges:
  - High unemployment.
  - Rapidly aging population affecting fiscal and social policy considerations.

### Policy implications and priorities
- Interrelated policy focus needed to:
  - Tackle high unemployment.
  - Manage fiscal and social implications of a rapidly aging population.
  - Support recovery in export sectors affected by the ICT market contraction and declines in traditional exports.
- Emphasis on reforms and measures that address labor market flexibility, public expenditure management, and incentives for supply-side recovery (themes reflected in the listed subjects and keywords).

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/finland-staff-report-for-the-2002-article-iv-consultation-16033_